Iselin-based bra maker Maidenform reports sharply lower net income

Iselin-based intimate apparel maker Maidenform Brands reported a 30-percent drop in net income for the second quarter of this year. Above, Maidenform's former Bayonne facility.2010 Jersey Journal file photo

Iselin-based intimate apparel maker Maidenform Brands reported a sharply lower second-quarter, less than a month after it agreed to be bought by underwear maker Hanes, The Associated Press reported today.

From April through June, Maidenform reported a 30 percent drop in net income compared to the same period last year: $8 million vs. $11.4 million, the AP reported.

Revenue also dipped 8 percent to $145.5 million, from $157.5 million a year ago.

Hanes' $575 million deal to buy the 81-year-old Maidenform is expected to be completed at the end of the year.

Maidenform also faces a lawsuit filed by one of its investors who thinks the company's deal with Hanes isn't a great fit.